Irish Property Market chat II - *read mod note post #1 before posting*

It's not a phrase I use often but this would really boil your piss.

Seen a documentary a few years ago where high end apartment blocks in London where all are sold and were in complete darkness at night...reason being all the apartments were bought by chinese people and just left there , as said earlier they just needed to get money out of China because of CCP

https://tradingeconomics.com/ireland/house-price-index-mom

I think in London it was the Russians. I agree the Chinese are buying just like the Russians to park their cash on something that will hold value.

There were a couple interviewed on radio a few months ago, they kept meeting the same lady at house viewings. They got talking to her thinking she was the same as them, looking for a place to live. The lady explained that if the couple saw her there, there was no point in bidding on the property, she was a buyer for Chinese clients and said she/they will outbid any other bidder.

The Chinese bought basically everything in glencairn gate as well, its been a thing in south Dublin for about 18 months now, most great condition 4+ family homes are being bought by them. Thought it would've dried up once the Visa scheme was culled, but plenty still filtering through.

Zero percent mortgages from the Chinese govt was another one I heard from a friend who successfully bid against such a couple, not sure how true this is though

Hmm. I have nothing against foreign buyers, but this is a practice that I find very questionable. I'm reminded of how, during Celtic Tiger years, some Irish people would go to Eastern European cities and buy apartments. This was unfair to locals of these cities as the Irish buyers had access to far more funding, and thus prices were driven up.

In my opinion, owning property in any country should be the purview of citizens only.

Selling citizenship is a disgusting practice.

In a way we should appreciate the foreign investment in our rental sector, they are the only ones willing to invest/take a chance on rentals. Without them, the rental sector would be much worse as not all renters can afford to buy, particularly with rates rising.

Finished?

Im not saying it is ideal, or even preferable, but you have to be a bit of a clutz not to realise that with Irish landlords leaving the market, people who cannot, or do not wish to buy, need some place to rent. If they were not in our market, there would be even less rental properties, and even higher rents.

There is a conspiracy theories forum.

You can blab on about the way it could be, should be, will be or won’t be, but there is now the way it is. And without the rental properties provided by foreign investment, then the rental sector would be even worse as domestic owners exit the market.

You might say that without all these investors, more people would be able to buy, but it is unlikely that many units would not have been built without forward financing and you have to accept, not everyone wants/can buy, so we need rentals.

On the greenway side of the Clay Farm development in D18 (I walk it very often as live nearby), I believe there are three Indian families in a row moved into the new houses recently occupied - I'm guessing the area is extremely attractive to people working in Microsoft, etc... in Sandyford, being a 10 minute drive away and a few stops on the Luas, so always think 'software engineers' when I seem them! Probably an offensive generalisation!

Our neighbours house initially went sale agreed 50k above asking to a cash Chinese buyer last year. Sale eventually fell through. But, I Thought it was a little odd at the time, but seems from reading here it’s common place for what ever reason.

Ive a friend from China and he has bought a house here. He also scouts out houses for other Chinese people to buy here and they buy them. Last year he even organized for another Chinese person to buy a shop in Artane.

Last time I was talking to him about 2 weeks ago he had another one he was bidding on for someone in China. He shows them around on facetime and deals with the EA here. Doesnt seem short of clients. And thats not even his day job. Its just a side job for him.

Have you figures on how many developments were directly funded by funds. Maybe its just the media but it would appear most of their property was either built or in development when purchased by funds, even moreso with social housing.

With regard to conspiracy theroies, I'm sure it's pure accident that FG is worried about the td's they are loosing to the lobbying industry and how the result of that lobbying has stacked the property market in favour of funds to the detriment of traditional LL's and tennants.

We can rule out that they have found a more efficient way to bleed the taxpayer, they're just trying to help create more supply

It just unfortunate that there no longer td's as my opportunity to show my gratitude at the ballot box has been taken away from me. Such a shame